Business
Kidoz Inc. Revenue Growth Continues with US$1,793,071 in Q1 2024
VANCOUVER, BC / ACCESSWIRE / May 30, 2024 / Kidoz Inc. (TSXV:KIDZ) (the "Company"), mobile AdTec...
About this update from Kidoz Inc
[{"type":"text","content":"Kidoz Inc. Revenue Growth Continues with US$1,793,071 in Q1 2024 VANCOUVER, BC / ACCESSWIRE / May 30, 2024 / Kidoz Inc. (TSXV:KIDZ) (the \"Company\"), mobile AdTech developer and owner of the market-leading Kidoz Contextual Ad Network (www.kidoz.net), the Kidoz Publisher SDK and the Kidoz COPPA Privacy Shield, announced today its unaudited condensed interim financial results for the quarter ended March 31, 2024. All amounts are presented in United States dollars and are in accordance with United States Generally Accepted Accounting Principles.Financial highlights Q1 2024 include:Total Revenue of $1,793,071 an increase of 7% compared to Q1 2023 Total Revenue of $1,673,685Direct Ad Tech Advertising Revenue of $1,695,140 an increase of 10% compared to Q1 2023 Direct Ad Tech Advertising Revenue of $1,538,046.Programmatic Ad Tech Advertising Revenue of $78,715, an increase of 16% compared to Q1 2023 Programmatic Advertising Revenue of $68,070.Sales and Marketing expenditure of $327,523, from $327,522 in Q1 2023Non-Capitalized R&D expenditures of $889,440, an increase of 19% from $744,333 in Q1 2023.Net loss after tax of ($719,583), an improvement of 33% compared to a net loss after tax ($1,066,612), in Q1 2023.Adjusted EBITDA of ($543,289) compared to Adjusted EBITDA of ($796,915) in Q1 2023.Cash of of $874,981 and working capital of $2,698,684 as at March 31, 2024, compared to cash of $1,469,224 and working capital of $3,220,646 as at December 31, 2023.Free Cash Flow in Q1 2024 of ($599,096) compared to Free Cash Flow of ($46,996) in the prior year.For full details of the Company's operations and financial results, please refer to the Securities and Exchange Commission website at www.sec.gov or the Kidoz Inc. corporate website at https://investor.kidoz.net or the www.sedarplus.com website.\"We're proud of the revenue growth and financial improvements achieved in Q1 2024\", stated Jason Williams, Kidoz CEO. \"The digital advertising landscape continues to evolve in 2024 with a transition from the heightened activity seen during the pandemic. However, Kidoz has adapted its strategy and been successful refining our strategies to meet the changing market dynamics,\" continued Williams. \"The Kidoz contextual network remains the leading platform for engaging kids and families on mobile devices while creating robust user engagement an...